# Table 5: Growth Response to Monetary Shocks (Local Projections)

| Variable | h=1 Full | h=1 OECD | h=2 Full | h=2 OECD | h=3 Full | h=3 OECD | h=4 Full | h=4 OECD | h=5 Full | h=5 OECD |
|---|---|---|---|---|---|---|---|---|---|---|
| delta_policy_rate | -0.183*** (0.036) | -0.127** (0.061) | -0.130*** (0.036) | -0.173** (0.067) | -0.095 (0.062) | -0.081 (0.114) | -0.231** (0.115) | -0.204 (0.227) | -0.583*** (0.209) | -0.727* (0.405) |
| Z_1 | 1.466 (4.192) | 6.724 (10.521) | 3.278 (25.118) | 37.142 (36.504) | 43.395 (51.617) | 72.411 (70.299) | 86.017 (93.121) | 93.579 (146.034) | 393.686** (184.804) | -113.982 (305.858) |
| Z_2 | -0.150 (0.624) | -0.698 (1.423) | 0.352 (3.716) | -4.254 (4.927) | -4.123 (7.652) | -8.682 (9.503) | -10.758 (13.838) | -10.396 (19.790) | -59.212** (27.563) | 17.915 (41.475) |
| Z_3 | 0.003 (0.025) | 0.019 (0.053) | -0.045 (0.149) | 0.130 (0.185) | 0.082 (0.308) | 0.277 (0.358) | 0.346 (0.559) | 0.293 (0.746) | 2.340** (1.116) | -0.799 (1.565) |
| Z_1_x_delta_rate | -0.059** (0.024) | -0.037 (0.041) | -0.065*** (0.023) | -0.103** (0.044) | -0.035 (0.040) | -0.022 (0.074) | -0.088 (0.074) | -0.087 (0.148) | -0.220 (0.134) | -0.326 (0.262) |
| rgdp_growth | 0.615*** (0.021) | 0.262*** (0.047) | -0.396*** (0.026) | -0.403*** (0.050) | -0.835*** (0.046) | -0.717*** (0.080) | -1.868*** (0.101) | -1.596*** (0.198) | -2.650*** (0.215) | -2.153*** (0.381) |
| inflation | -0.005 (0.008) | -0.054*** (0.020) | -0.010 (0.014) | -0.140*** (0.038) | -0.018 (0.025) | -0.491*** (0.092) | -0.077* (0.046) | -1.052*** (0.186) | -0.048 (0.083) | -1.980*** (0.344) |
| fiscal_bal_gdp | -0.059*** (0.020) | -0.059** (0.026) | -0.158*** (0.036) | -0.181*** (0.056) | -0.207*** (0.061) | -0.372*** (0.096) | -0.426*** (0.115) | -0.886*** (0.200) | -0.212 (0.218) | -0.832** (0.394) |
| kaopen | -0.011 (0.063) | -0.201 (0.134) | -0.022 (0.310) | 0.035 (0.354) | -0.371 (0.580) | -0.342 (0.619) | -0.279 (1.060) | -0.666 (1.240) | -2.206 (2.014) | -1.626 (2.340) |
| nfa_gdp_lag | -0.025 (0.081) | 0.169 (0.166) | -0.400 (0.287) | 0.032 (0.412) | -0.605 (0.511) | -0.104 (0.685) | -1.072 (0.953) | -0.930 (1.362) | -1.126 (1.766) | -2.699 (2.533) |
|---|---|---|---|---|---|---|---|---|---|---|
| R² | 0.117 | 0.117 | -0.187 | -0.023 | -0.218 | -0.064 | -0.248 | -0.129 | -0.164 | -0.109 |
| N obs | 1,557 | 486 | 1,499 | 468 | 1,440 | 450 | 1,380 | 432 | 1,315 | 414 |
| N countries | 76 | 19 | 76 | 19 | 76 | 19 | 76 | 19 | 76 | 19 |